Now, in all fairness to Goldman the sell rating was part of a larger report on building construction, both residential and commercial.

And analysts at Goldman were bearish on Masco simply because they saw more upside in the stocks of other companies in the same sector – largely those that supplied commercial construction; "names such as Armstrong World and Mohawk Industries, both of which spiked nicely today off of this report," Cramer added.

"I thought Goldman made a really compelling case for non-residential construction in 2014, but that doesn't necessarily mean you should sell Masco," Cramer said.

Stefanie Timmermann | Vetta | Getty Images

Here's why:

1. Goldman cites concerns that residential housing might not really pick up until spring. That's a problem for Masco because there tends to be a lag between when new homes are sold and when Masco products such as gutters, fireplaces and roofing materials are purchased.

"I get where Goldman's coming from here, but the fact is, that part of Masco's business only accounts for 16% of sales.

2. Goldman worries that the company's repair and remodel unit doesn't have a lot more upside, because the business is close to its historical average.

"I think that's the wrong way to look at it. As the jobs situation in this country keeps getting better, I believe the the home improvement market will keep growing. And the fact is, home-improvement spending is still 14% off its 2007 peak," Cramer said.

3. Also Goldman is critical of Masco's close ties to Home Depot and Lowe's—they think this concentration limits the company's margin expansion potential.

"I think that's a misguided criticism. Masco has exclusive agreements with both companies, with Home Depot and Lowe's representing huge sales platforms for them. They're crucial to driving Masco's revenue growth, and they might not be as limiting for the company's margins as Goldman thinks."

"I like that Home Depot and Lowe's are seeing a pickup in kitchen and bath. They're key areas for Masco. Plus, they've indicated that consumers are increasingly willing to pay up for better brands and higher-quality products, which is also good news for Masco."

And Cramer believes the stock is relatively inexpensive. "The stock is trading at 19 times next year's earnings estimates, which is well below its five and ten year averages," Cramer added.

All told, Cramer sees every to believe more upside lies ahead.

It appears he's not alone. Also on Monday Credit Suisse resumed coverage of Masco with an outperform rating and a $25 price target.

Disclosure:On Monday December 9th Jim Cramer owned shares of Masco on behalf of his charitable trust.